Nifty Elliott Wave – Neo wave Cannot be More accurate!
Nov 28, 2024
Nifty has been moving with high volatility with sharp rise on upside followed by sharp decline.
Advanced Elliott wave – Neo wave has been working very accurately even in such scenario.
Below is Nifty chart discussed during 22nd November live webinar when we looked at Diametric pattern.
Nifty hourly chart – Anticipated on 22nd November 2024
Nifty hourly chart - Happened
Nifty first chart shows anticipation for a move up in form of Diametric pattern. We can clearly see prices moved sharply higher in form of wave f and completed near 24350 levels.
As per guidelines of Diametric pattern wave f tend towards equality to wave b in terms of price and time. We can see the same was achieved and post its completion a move on downside was expected.
Nifty path ahead:
Prices post completing wave f moved sharply lower on 28th November and now started wave g. This wave g can tend towards equality to that of wave a in terms of price / time. This means that ongoing downside move in form of wave g can complete until 5th December 2024.
If wave g if equal to wave a then we get targets of 22770 but there is high likelihood wave g will be truncated as the Time cycle low near 23260 should remain protected.
Projecting 61.8% of wave a to that of wave g gives target of 23370 levels on donwide.
In a nutshell, overall trend for Nifty has turned negative precisely as per Neo wave pattern. We can expect this wave g to last until 5th December for target of 23370 levels. On upside 24350 should remain protected for the same to be valid.
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